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Unformatted text preview: CONTENTS OF CHAPTER 3 Taxable Income And Tax Payable For Individuals INTRODUCTION TAXABLE INCOME OF INDIVIDUALS Available Deductions Ordering Of Deductions Deductions For Payments - ITA 110(1)(f) Home Relocation Loan - ITA 110(1)(j) Northern Residents Deductions - ITA 110.7 CALCULATION OF TAX PAYABLE Federal Tax Payable Before Credits Provincial Tax Payable Before Credits Types Of Income Taxes On Income Not Earned In A Province CALCULATING TAX CREDITS Federal Amounts Provincial Amounts PERSONAL TAX CREDITS - ITA 118(1) Individuals With A Spouse Or Common-Law Partner - ITA 118(1)(a) Individuals Supporting An Eligible Dependant- ITA 118(1)(b) Child Tax Credit - ITA 118(1)(b.1) Single Persons - ITA 118(1)(c) Caregiver Tax Credit - ITA 118(1)(c.1) Infirm Dependant Over 17 Tax Credit- ITA 118(1)(d) Interaction: Eligible Dependant Vs. Caregiver Or Infirm Dependant Over 17 Interaction: Caregiver Vs. Infirm Dependant Over 17 OTHER TAX CREDITS FOR INDIVIDUALS Age Tax Credit - ITA 118(2) Pension Income Tax Credit - ITA 118(3) Canada Employment Tax Credit - ITA 118(10) Adoption Expenses Credit - ITA 118.01 Public Transit Passes Credit - ITA 118.02 Child Fitness Credit - ITA 118.03 Home Renovations Tax Credit (ITA Reference Not Available) First Time Home Buyers Tax Credit (ITA Reference Not Available) Charitable Donations Credit - ITA 118.1 Medical Expense Credit - ITA 118.2 Disability Credit - ITA 118.3 Education Related Credits Employment Insurance (EI) And Canada Pension Plan (CPP) Credits - ITA 118.7 Overpayment Of EI Premiums And CPP Contributions Transfers To A Spouse Or Common-Law Partner - ITA 118.8 Working Income Tax Benefit - ITA 122.7 Political Contributions Tax Credits - ITA 127(3) Labour Sponsored Funds Tax Credit - ITA 127.4 Dividend Tax Credit Foreign Tax Credits Investment Tax Credits REFUNDABLE CREDITS Introduction Refundable GST Credit Canada Child Tax Benefit SOCIAL BENEFITS REPAYMENT (OAS AND EI) Basic Concepts Employment Insurance (EI) Benefits Clawback Old Age Security (OAS) Benefits Clawback COMPREHENSIVE EXAMPLE SHORT SUMMARY OF FILING PROCEDURES KEY TERMS USED IN THIS CHAPTER REFERENCES Taxable Income And Tax Payable For Individuals Introduction 3-1. As discussed in Chapter 1, Taxable Income is Net Income For Tax Purposes, less a group of deductions that are specified in Division C of Part I of the Income Tax Act . Also noted in the Chapter 1 material was the fact that Net Income For Tax Purposes is made up of several different income components. These components are employment income, business and property income, taxable capital gains, other sources, and other deductions....
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- Winter '09